Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Bought by American Century Companies Inc.

American Century Companies Inc. grew its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVEFree Report) by 0.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 5,393,773 shares of the company’s stock after acquiring an additional 38,104 shares during the period. American Century Companies Inc. owned about 3.02% of Pactiv Evergreen worth $43,851,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Deutsche Bank AG lifted its holdings in shares of Pactiv Evergreen by 19.0% in the third quarter. Deutsche Bank AG now owns 21,076 shares of the company’s stock valued at $171,000 after purchasing an additional 3,364 shares in the last quarter. Tejara Capital Ltd lifted its holdings in shares of Pactiv Evergreen by 7.0% in the third quarter. Tejara Capital Ltd now owns 81,228 shares of the company’s stock valued at $660,000 after purchasing an additional 5,297 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Pactiv Evergreen by 31.3% in the third quarter. The Manufacturers Life Insurance Company now owns 24,942 shares of the company’s stock valued at $203,000 after purchasing an additional 5,947 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of Pactiv Evergreen by 92.9% in the third quarter. GSA Capital Partners LLP now owns 92,222 shares of the company’s stock valued at $750,000 after purchasing an additional 44,410 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Pactiv Evergreen by 6.5% in the third quarter. Sei Investments Co. now owns 598,452 shares of the company’s stock valued at $4,865,000 after purchasing an additional 36,349 shares in the last quarter. Institutional investors and hedge funds own 22.13% of the company’s stock.

Analyst Upgrades and Downgrades

PTVE has been the topic of a number of research reports. Robert W. Baird upped their price target on shares of Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Bank of America raised shares of Pactiv Evergreen from a “neutral” rating to a “buy” rating and upped their price target for the stock from $14.00 to $16.00 in a research note on Tuesday, January 2nd. Citigroup dropped their price target on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, March 4th. Jefferies Financial Group assumed coverage on shares of Pactiv Evergreen in a research report on Friday, January 19th. They set a “buy” rating and a $18.00 target price on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Pactiv Evergreen in a research report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.75.

Read Our Latest Research Report on PTVE

Pactiv Evergreen Stock Performance

Shares of Pactiv Evergreen stock opened at $13.08 on Monday. The company has a debt-to-equity ratio of 2.69, a current ratio of 2.00 and a quick ratio of 0.93. The firm has a market cap of $2.34 billion, a P/E ratio of -10.38, a P/E/G ratio of 0.85 and a beta of 1.51. The firm has a 50 day simple moving average of $14.25 and a 200 day simple moving average of $11.59. Pactiv Evergreen Inc. has a fifty-two week low of $6.85 and a fifty-two week high of $15.25.

Pactiv Evergreen (NASDAQ:PTVEGet Free Report) last issued its quarterly earnings results on Friday, March 1st. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.19. Pactiv Evergreen had a negative net margin of 4.05% and a positive return on equity of 13.24%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business posted $0.18 earnings per share. Pactiv Evergreen’s revenue for the quarter was down 13.7% compared to the same quarter last year. Sell-side analysts predict that Pactiv Evergreen Inc. will post 1.13 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.06%. Pactiv Evergreen’s dividend payout ratio is -31.75%.

Pactiv Evergreen Profile

(Free Report)

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in North America. It operates through three segments: Foodservice, Food Merchandising, and Beverage Merchandising. The Foodservice segment offers food containers, hot and cold cups, lids, tableware, service ware, and other products.

Further Reading

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Institutional Ownership by Quarter for Pactiv Evergreen (NASDAQ:PTVE)

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